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Technical Update - Top and reversal patterns in EU Indices: DAX, AEX25, BEL20 & CAC40
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: DAX forming top and reversal. AEX taking out key support. BEL20 and CAC40 look heavy but still above supports.
Index and Index tracker cfd's levels. DAX/GER40, AEX25/NETH25, BEL20/BELG20 & CAC40/FRA40
DAX formed a Bearish Engulfing pattern yesterday taking out the past two days of trading. There has been a warning sign of a weakening of the uptrend with RSI divergence.
If DAX drops below 15,700 further selling down to the support at around 15,482 where 55 daily Moving Average will add to the support.
A close below 15,482 could lead the way for a sell- off down to 0.618 retracement at around 15,051. For DAX to resume uptrend a close above 16,012 is needed. If that scenario plays out DAX could test all-time highs at around 16,290
GER40 cfd . Support at around 15,500. 55 daily Moving Average will provide some support.
A close below 15,500 could lead to sell off down to around 15,050.
AEX 25 formed as Bearish Engulfing candle yesterday and closed below key support at 747 to close on the top of the Ichimoku cloud. RSI is still above 40 threshold giving a bit of hope to Bulls for a rebound
However, if AEX closes below Tuesday lows RSI is quite likely to close below 40 meaning it will be in negative sentiment supporting lower AEX levels.
Support at the 0.618 retracement at around 733.
For AEX to resume uptrend a close above 760 is needed. If that plays out AEX could climb higher towards 770-780.
NETH25 cfd levels and supports
BEL 20 Bearish Engulfing yesterday indicates lower levels are likely. BEL 20 is below its 21,55 and 100 Moving Averages suggesting further downside.
Support at 3,733. A close below could see further selling pressure down to around 3,653.
To demolish and reverse this bearish picture a close above 3,815 is needed for at move to resistance at around 3,894
BELG20 cfd levels and supports
CAC 40 correction ongoing. RSI still positive and no divergence meaning the Index could move higher but for this to unfold a close above 7,506 is needed. If CAC40 closes below 7,300 it could experience a sell-off down to the 0.618 retracement at around 7,096.
55 daily Moving Average adds to the support at 7,300.
55 daily Moving Average adds to the support at 7,300.
FRA40 cfd levels and supports
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